Oil settles up on distillate strength, supply concerns | Reuters
Oil prices reversed course to settle in positive territory on Monday on a rally in the diesel market and fears that supply might be crimped by a potential European Union ban on Russian crude.
Brent crude futures gained 44 cents, or 0.4%, to settle at $107.58 a barrel, while U.S. West Texas Intermediate (WTI) crude futures rose 48 cents to settle at $105.17 a barrel.
Diesel futures continued to rally after rolling over to the June contract on Monday, rising 5% to $4.0172 per gallon as a low supply of inventories globally put pressure on WTI and Brent prices.
"The main item was a further strengthening in the diesel market that acted to pull the rest of the complex higher," said Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Illinois.
Monday, 2 May 2022
Oil turns positive on supply concerns, economic data | Reuters
Oil turns positive on supply concerns, economic data | Reuters
Oil prices reversed course to trade in positive territory on Monday on fears supply might be crimped by a potential European Union ban on Russian crude.
Brent crude futures were up 7 cents, or 0.1%, to $107.21 a barrel at 12:32 p.m. EDT (1632 GMT), while U.S. West Texas Intermediate (WTI) crude futures rose 4 centsto $104.73 a barrel.
Both benchmarks fell by more than $2.00 earlier in the session on news the European Commission may spare Hungary and Slovakia from a Russian oil embargo as it prepares to finalize its next batch of sanctions on Russia on Tuesday. read more
"Attention has quickly shifted to expectations that a full embargo is unlikely to be seen for months and possibly by year’s end given a need for most countries to line up alternative supply sources," said Jim Ritterbusch, president of Ritterbusch and Associates in Gallena, Illinois.
Oil prices reversed course to trade in positive territory on Monday on fears supply might be crimped by a potential European Union ban on Russian crude.
Brent crude futures were up 7 cents, or 0.1%, to $107.21 a barrel at 12:32 p.m. EDT (1632 GMT), while U.S. West Texas Intermediate (WTI) crude futures rose 4 centsto $104.73 a barrel.
Both benchmarks fell by more than $2.00 earlier in the session on news the European Commission may spare Hungary and Slovakia from a Russian oil embargo as it prepares to finalize its next batch of sanctions on Russia on Tuesday. read more
"Attention has quickly shifted to expectations that a full embargo is unlikely to be seen for months and possibly by year’s end given a need for most countries to line up alternative supply sources," said Jim Ritterbusch, president of Ritterbusch and Associates in Gallena, Illinois.
Oil falls on China growth worries as EU weighs Russian crude ban | Reuters
Oil falls on China growth worries as EU weighs Russian crude ban | Reuters
Oil prices fell on Monday as concerns over weak economic growth in China, the world's top oil importer, overshadowed fears supply might be crimped by a potential European Union ban on Russian crude.
Brent crude futures were down $3.73, or 3.4%, to $103.41 a barrel at 1403 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell $3.98, or 3.8%, to $100.71 a barrel.
Markets in Japan, Britain, India and across Southeast Asia were closed for public holidays on Monday.
China released data on Saturday showing factory activity in the world's second-largest economy contracted for a second month to its lowest since February 2020 because of COVID lockdowns. read more
Oil prices fell on Monday as concerns over weak economic growth in China, the world's top oil importer, overshadowed fears supply might be crimped by a potential European Union ban on Russian crude.
Brent crude futures were down $3.73, or 3.4%, to $103.41 a barrel at 1403 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell $3.98, or 3.8%, to $100.71 a barrel.
Markets in Japan, Britain, India and across Southeast Asia were closed for public holidays on Monday.
China released data on Saturday showing factory activity in the world's second-largest economy contracted for a second month to its lowest since February 2020 because of COVID lockdowns. read more
Oil falls on China growth worries, EU weighs Russian crude ban | Reuters
Oil falls on China growth worries, EU weighs Russian crude ban | Reuters
Oil prices fell on Monday as concerns over weak economic growth in China, the world's top oil importer, overshadowed fears supply might be crimped by a potential European Union ban on Russian crude.
Brent crude futures fell $2.70, or 2.5%, to $104.44 a barrel at 1111 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell $3.17, or 3%, to $101.52 a barrel.
Markets in Japan, Britain, India and across Southeast Asia were closed for public holidays on Monday.
China released data on Saturday showing that factory activity in the world's second-largest economy contracted for a second month to its lowest since February 2020 because of COVID lockdowns. read more
Oil prices fell on Monday as concerns over weak economic growth in China, the world's top oil importer, overshadowed fears supply might be crimped by a potential European Union ban on Russian crude.
Brent crude futures fell $2.70, or 2.5%, to $104.44 a barrel at 1111 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell $3.17, or 3%, to $101.52 a barrel.
Markets in Japan, Britain, India and across Southeast Asia were closed for public holidays on Monday.
China released data on Saturday showing that factory activity in the world's second-largest economy contracted for a second month to its lowest since February 2020 because of COVID lockdowns. read more
Oil slips on China growth worries, EU weighs Russian crude ban | Reuters
Oil slips on China growth worries, EU weighs Russian crude ban | Reuters
Oil prices fell on Monday as concerns about weak economic growth in China, the world's top oil importer, outweighed fears of potential supply stress from a potential European Union ban on Russian crude.
Brent crude futures fell 71 cents, or 0.6%, to $106.43 a barrel at 0801 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell 70 cents, or 0.6%, to $103.99 a barrel. Markets in Japan, India and across Southeast Asia were closed for public holidays on Monday.
Prices fell after China released data on Saturday showing that factory activity in the world's second-largest economy contracted for a second month to its lowest since February 2020 because of COVID lockdowns. read more
"A slowing to that extent, when China is already suffering from a property bust and worries about its (until recently) increased regulation, is potentially a major issue for commodity markets and the world economy," said Tobin Gorey, a Commonwealth Bank commodities analyst, in a note.
Oil prices fell on Monday as concerns about weak economic growth in China, the world's top oil importer, outweighed fears of potential supply stress from a potential European Union ban on Russian crude.
Brent crude futures fell 71 cents, or 0.6%, to $106.43 a barrel at 0801 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell 70 cents, or 0.6%, to $103.99 a barrel. Markets in Japan, India and across Southeast Asia were closed for public holidays on Monday.
Prices fell after China released data on Saturday showing that factory activity in the world's second-largest economy contracted for a second month to its lowest since February 2020 because of COVID lockdowns. read more
"A slowing to that extent, when China is already suffering from a property bust and worries about its (until recently) increased regulation, is potentially a major issue for commodity markets and the world economy," said Tobin Gorey, a Commonwealth Bank commodities analyst, in a note.
Subscribe to:
Posts (Atom)